Party
general term for auctioneer, the Client, bidder and final buyer
Auctioneer
means the enterprise legal person engaged in auction as per Auction Law of the People's Republic of China and Company Law of the People's Republic of China.
Client
means the citizen, legal person or other organization (also 'the seller') that entrusts the auction company to auction the articles or property right to which it has ownership or disposition.
Bidder
means the citizen, legal person or other organization participating in bidding for the target for auction.
Final buyer
means the bidder buying the target of auction at the highest bid price.
Target of auction
means article or property right the Client entrusts the auction company to sell in the mode of auction.
Number plate
means the bidding number plate that the bidder obtains after finishing the bidding registration. Only those obtaining bidding number plate can be deemed as formal bidders.
Due charge
means relevant fees the auction company properly collects from the Client and the final buyer concerning premium, graphic catalogue publication, package and transportation, cultural relic and sealing wax, appraisal and valuation, etc.
Closed price
also called "hammer price", means the price that the auctioneer drops the hammer to determine to a buyer in the auction.
Final auctioned article
means the bargained target of auction.
Reference price
also called "valuating price", means the markedly-indicated price on the printed auction graphic catalogue for every piece of entrusted article for auction. The price shall be decided by the auction company and shall not be deemed as the final sales price.
Base price of auction
also called "reserved price", means the final sales price that is required to indicate on the power of attorney after the auction company and the Client make agreement about the entrusted articles for auction.
"Commotion" also called "agency fee"
means fees the auction company collects from the Client and final buyer after the bargain according to relevant laws and regulations.
Auction income
means the net fund the auction company pays to the Client after the auction is bargained for sale of the entrusted articles for auction, namely the closed price of the entrusted articles for auction after deduction of commission and payables due for the Client.
Power of attorney
means a contract for the Client to sell article, including various auction terms and service charges of the auction company, such as premium, damage compensation, freightage, photo making, commission, etc.
Registration for bidding
means the necessary procedures for the bidder to participate in the bidding. If the bidder is the natural person, it is required to fill in and sign on the registration certificate before the auction by holding effective ID card or passport or other effective ID certificate recognized by Chinese Government; if the bidder is legal person or other organization, it is required to fill in and sign on the registration certificate before the auction by holding effective registration certificates, ID certificate of the legal representative or legal authorized certificate, and then obtain the number plate number; otherwise, the bidder cannot be deemed as formal bidder.
Entrusted auction
After carefully reading and abides by auction rules of the auction company and taking responsibility to its behavior to participate in the company's auction, the Client consigns the article to the company for auction. If the Client is natural person, it is required to hold effective ID card or passport or other effective ID certificate recognized by Chinese Government and sign contract of entrusted auction with the company; if the client is legal person or other organization, it is required to hold effective registration certificates, ID certificate of the legal representative or legal authorized certificate and sign contract of entrusted auction with the company.